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Finance Bill Debates

Alan Dolton Editor of Tolley's Tax Cases continues our coverage of the Public Bill Committee debates on the Finance Bill
The House of Commons Public Bill Committee resumed its consideration of the Finance Bill on Thursday 15 May discussing Clause 27 (restrictions on allowable capital losses). Conservative spokesman Mark Hoban (Fareham) proposed twelve amendments expressing concern that the Clause 'could capture a large number of fairly standard transactions' (Col 211).
The Economic Secretary (Ed Balls) responded by saying:
'Clause 27 denies tax relief for capital losses where the existence or amount of the losses has been contrived — in other words where the taxpayer has entered into arrangements of which one of the main purposes is to secure a tax advantage so that...

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